Commissioner Shannon Whitfield with Henry Gilbert of Bank of LaFayette and Elijah Parker of First Volunteer Bank
Walker County’s financial status continues to show significant improvement. For the second year in a row, Sole Commissioner Shannon Whitfield repaid two Tax Anticipation Notes (TAN) well before an end of year deadline.
In August, the Bank of LaFayette and First Volunteer Bank agreed to loan Walker County up to $6 million, or $3 million each, to help fully fund government operations until budgeted revenue for FY 2019 started being received.
Commissioner Whitfield hand delivered checks on Monday to both banks to pay off the loans.
Walker County needed only $500,000 from each financial institution to cover expenses, due in part to improved efficiencies at county departments, leaner operations and the passage of a balanced budget in September.
The two TANs cost the county $8,062.10 in fees and interest this year. In 2017, when Walker County needed up to $8 million in short term loans to meet obligations, fees and interest added up to $135,133.69.
“I know paying off debt may not be the most glamorous topic of conversation. But getting our financial house in order and restoring Walker County’s reputation remain among my top priorities,” said Commissioner Whitfield.
“When I took office on January 1, 2017, Walker County’s inherited debt was $70 million. As of today, we’ve reduced our debt by 29% to $50 million. We wouldn’t be able to reach this achievement without the support of all of our team members and elected officials.”